{"id":1293,"date":"2026-02-19T00:46:20","date_gmt":"2026-02-18T21:46:20","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1293"},"modified":"2026-02-19T00:50:42","modified_gmt":"2026-02-18T21:50:42","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-eupwr-europower-enerji-2025-12-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1293","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #EUPWR |  Europower Enerji 2025\/12 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/EUPWR--Europower-Enerji-202512-Bilano-Analizi-e3f9jfv\/a-acfu7db\" height=\"102px\" width=\"400px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<h1>Europower Enerji 2025: Enflasyonun G\u00f6lgesinde Finansal G\u00fc\u00e7 G\u00f6sterisi<\/h1>\n<h3>1. Giri\u015f: Enerji D\u00f6n\u00fc\u015f\u00fcm\u00fcnde Rakamlar\u0131n Dili<\/h3>\n<p>K\u00fcresel enerji ekosistemi, fosil yak\u0131tlar\u0131n tahakk\u00fcm\u00fcnden yenilenebilir kaynaklar\u0131n dinamizmine do\u011fru tarihsel bir k\u0131r\u0131lma ya\u015f\u0131yor. Ancak bu b\u00fcy\u00fck d\u00f6n\u00fc\u015f\u00fcm sadece sahadaki panellerle de\u011fil, arka plandaki finansal m\u00fchendisli\u011fin sa\u011flaml\u0131\u011f\u0131yla ayakta kal\u0131yor. 17 \u015eubat 2026 tarihli ba\u011f\u0131ms\u0131z denet\u00e7i raporu, Europower Enerji\u2019nin 2025 performans\u0131n\u0131 tam bir &#8220;sa\u011flaml\u0131k testi&#8221; olarak \u00f6n\u00fcm\u00fcze koyuyor. Zira ekonomide rakamlar sadece k\u00e2r\u0131 de\u011fil, f\u0131rt\u0131nal\u0131 denizlerde gemiyi nas\u0131l y\u00fczd\u00fcrd\u00fc\u011f\u00fcn\u00fcz\u00fc, yani as\u0131l stratejinizi anlat\u0131r.<\/p>\n<h3>2. K\u00e2r Patlamas\u0131: Net D\u00f6nem K\u00e2r\u0131nda %100&#8217;\u00fc A\u015fan Art\u0131\u015f<\/h3>\n<p>Europower Enerji, 2025 y\u0131l\u0131n\u0131 enflasyonun ve finansman maliyetlerinin bask\u0131s\u0131 alt\u0131nda ge\u00e7irmesine ra\u011fmen, ana ortakl\u0131k paylar\u0131nda muazzam bir k\u00e2r s\u0131\u00e7ramas\u0131 ger\u00e7ekle\u015ftirdi. 2024 y\u0131l\u0131nda 292.035.000 TL olarak kaydedilen net d\u00f6nem k\u00e2r\u0131, 2025 y\u0131l\u0131 sonunda <b>600.390.000 TL<\/b> seviyesine ula\u015ft\u0131.<\/p>\n<p>Enflasyonist bir konjonkt\u00fcrde net k\u00e2r\u0131n <b>%100&#8217;\u00fcn \u00fczerinde bir art\u0131\u015fla iki kat\u0131na \u00e7\u0131kmas\u0131<\/b>, \u015firketin operasyonel verimlili\u011finin ve pazar hakimiyetinin bir yans\u0131mas\u0131d\u0131r. Bu art\u0131\u015f, sadece gelir b\u00fcy\u00fcmesiyle de\u011fil, sat\u0131\u015f maliyetlerinin disiplinli y\u00f6netimiyle gelen bir ba\u015far\u0131 hikayesidir.<\/p>\n<h3>3. Enflasyon Muhasebesi (TMS 29) Bilmecesi: 762 Milyon TL&#8217;lik &#8220;G\u00f6r\u00fcnmez&#8221; Kay\u0131p<\/h3>\n<p>Y\u00fcksek enflasyon, likidite \u00fczerinde adeta &#8220;g\u00f6r\u00fcnmez bir vergi&#8221; gibi \u00e7al\u0131\u015f\u0131r. Europower\u2019\u0131n bilan\u00e7osunda yer alan 762.672.000 TL tutar\u0131ndaki &#8220;Net Parasal Kay\u0131p&#8221;, \u015firketin elinde tuttu\u011fu nakit ve alacaklar\u0131n sat\u0131n alma g\u00fcc\u00fcndeki erimeyi temsil ediyor. Ba\u011f\u0131ms\u0131z denet\u00e7i raporunda bu durum \u015f\u00f6yle ifade ediliyor:<\/p>\n<p>&#8220;Net parasal pozisyon kazan\u00e7 ya da kayb\u0131, parasal olmayan kalemlerin, \u00f6zkaynaklar\u0131n, kar veya zarar ve di\u011fer kapsaml\u0131 gelir tablosundaki kalemlerin ve endekse ba\u011fl\u0131 parasal varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fcklerin d\u00fczeltme farklar\u0131ndan elde edilmi\u015ftir.&#8221;<\/p>\n<p>Ancak madalyonun di\u011fer y\u00fcz\u00fc olduk\u00e7a parlak: Bu 762 milyon TL\u2019lik &#8220;ka\u011f\u0131t \u00fczerindeki&#8221; kayba ra\u011fmen, \u015firketin <b>Esas Faaliyet K\u00e2r\u0131 2,05 milyar TL<\/b> seviyesinde ger\u00e7ekle\u015fti. Bu veri, \u015firketin ana motorunun enflasyon canavar\u0131ndan \u00e7ok daha h\u0131zl\u0131 ko\u015ftu\u011funu ve operasyonel nakit \u00fcretim kapasitesinin enflasyonist a\u015f\u0131nmay\u0131 absorbe edebilecek kadar g\u00fc\u00e7l\u00fc oldu\u011funu kan\u0131tl\u0131yor.<\/p>\n<h3>4. Yat\u0131r\u0131m \u0130\u015ftah\u0131: Bor\u00e7la Yak\u0131lan B\u00fcy\u00fcme Me\u015falesi<\/h3>\n<p>Europower, 2025 y\u0131l\u0131nda defansif bir tutum yerine agresif bir b\u00fcy\u00fcme stratejisi izledi. Maddi duran varl\u0131klar 4,2 milyar TL&#8217;den <b>5,5 milyar TL&#8217;ye<\/b> y\u00fckselirken, &#8220;Yap\u0131lmakta Olan Yat\u0131r\u0131mlar&#8221; kalemi <b>1,6 milyar TL<\/b> gibi devasa bir bakiye ile gelece\u011fin \u00fcretim kapasitesini \u015fimdiden rezerve etti.<\/p>\n<p>Bu b\u00fcy\u00fcmenin finansman\u0131 ise dikkat \u00e7ekici bir kald\u0131ra\u00e7la sa\u011fland\u0131. Toplam finansal bor\u00e7lar <b>832 milyon TL&#8217;den 2,85 milyar TL&#8217;ye<\/b> f\u0131rlad\u0131. K\u0131demli bir bak\u0131\u015f a\u00e7\u0131s\u0131yla bu tablo; borcun bir y\u00fck de\u011fil, d\u00f6n\u00fc\u015f\u00fcm\u00fcn &#8220;yak\u0131t\u0131&#8221; olarak kullan\u0131ld\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Ekosisteme 2025 y\u0131l\u0131nda dahil olan <b>Kozok ve Madsoy<\/b> gibi yeni i\u015ftirakler ve 2024&#8217;ten bu yana olgunla\u015fan Peakesco\/Euromek yap\u0131s\u0131, bu stratejinin par\u00e7alar\u0131d\u0131r. Ayr\u0131ca, Europower World\u2019\u00fcn transformat\u00f6r fabrikas\u0131 yat\u0131r\u0131m\u0131 2025\u2019in ilk yar\u0131s\u0131nda makinelerin devreye al\u0131nmas\u0131yla \u00f6nemli bir \u00fcretim milad\u0131n\u0131 geride b\u0131rakm\u0131\u015f durumda.<\/p>\n<h3>5. Backlog G\u00fcc\u00fc ve Nakit Ak\u0131\u015f\u0131 Paradoksu<\/h3>\n<p>\u015eirketin elindeki i\u015f y\u00fck\u00fcn\u00fc g\u00f6steren &#8220;Devam eden in\u015faat s\u00f6zle\u015fmelerinden alacaklar&#8221; kalemi, 2,7 milyar TL&#8217;den <b>3,8 milyar TL&#8217;ye<\/b> y\u00fckselerek gelecekteki has\u0131lat\u0131n teminat\u0131 oldu. Ancak bu yo\u011fun i\u015f y\u00fck\u00fc, beraberinde bir i\u015fletme sermayesi ihtiyac\u0131 getirdi. Nakit ak\u0131\u015f tablosuna bak\u0131ld\u0131\u011f\u0131nda, i\u015fletme faaliyetlerinden <b>801 milyon TL net nakit \u00e7\u0131k\u0131\u015f\u0131<\/b> oldu\u011fu g\u00f6r\u00fcl\u00fcyor. Bu durum, \u015firketin devasa sipari\u015flerini ve b\u00fcy\u00fcmesini \u00f6zkaynaklardan ziyade, yukar\u0131da bahsetti\u011fimiz finansal bor\u00e7larla fonlad\u0131\u011f\u0131n\u0131 net bir \u015fekilde ortaya koyuyor.<\/p>\n<h3>6. Global Oyuncu Kimli\u011fi ve Operasyonel \u00c7eviklik<\/h3>\n<p>Europower, 2025 sonu itibar\u0131yla <b>1,7 milyar TL&#8217;yi a\u015fan<\/b> yurt d\u0131\u015f\u0131 sat\u0131\u015flar\u0131yla k\u00fcresel bir marka oldu\u011funu tescilledi. 245kV&#8217;a kadar ekipman testi yapabilen T\u00dcRKAK akrediteli laboratuvar\u0131, yerli m\u00fchendisli\u011fi d\u00fcnya standartlar\u0131na ta\u015f\u0131yor.<\/p>\n<p>\u0130lgin\u00e7 bir detay ise verimlilik taraf\u0131nda gizli: \u015eirketin b\u00fcy\u00fcmesine ve yeni i\u015ftiraklerine ra\u011fmen, \u00e7al\u0131\u015fan say\u0131s\u0131 1.579\u2019dan 1.535\u2019e geriledi. Bu hafif \u00e7ekilme, \u00fcretim s\u00fcre\u00e7lerindeki otomasyonun ve operasyonel verimlili\u011fin artmaya ba\u015flad\u0131\u011f\u0131n\u0131n bir i\u015fareti olarak okunabilir.<\/p>\n<h3>7. Sonu\u00e7: 2026&#8217;ya Bak\u0131\u015f ve D\u00fc\u015f\u00fcnd\u00fcr\u00fcc\u00fc Bir Soru<\/h3>\n<p>Europower Enerji\u2019nin 2025 raporu bir bilan\u00e7o olman\u0131n \u00f6tesinde, zorlu makroekonomik \u015fartlarda yaz\u0131lm\u0131\u015f bir b\u00fcy\u00fcme manifestosudur. 384 milyon TL\u2019ye ula\u015fan finansman giderlerine ve y\u00fcksek faiz ortam\u0131na ra\u011fmen yat\u0131r\u0131mlardan taviz verilmemesi, y\u00f6netimin 2026 ve sonras\u0131na olan sars\u0131lmaz g\u00fcvenini g\u00f6steriyor.<\/p>\n<p><b>Final Sorusu:<\/b> Enflasyonun nakit de\u011ferleri eritti\u011fi ve finansman maliyetlerinin zirve yapt\u0131\u011f\u0131 bu d\u00f6nemde, b\u00fcy\u00fcmesini bor\u00e7 kald\u0131rac\u0131 ve devasa bir yat\u0131r\u0131m ajandas\u0131yla y\u00f6neten bir \u015firket i\u00e7in 2026&#8217;n\u0131n s\u0131n\u0131r\u0131 ne olabilir?<\/p>\n<h1>EUROPOWER ENERJ\u0130 2025 YILI KONSOL\u0130DE F\u0130NANSAL VE OPERASYONEL DURUM B\u0130LG\u0130LEND\u0130RME DOK\u00dcMANI<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Europower Enerji ve Otomasyon Teknolojileri Sanayi ve Ticaret A.\u015e. ile ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (birlikte &#8220;Grup&#8221;) 31 Aral\u0131k 2025 tarihinde sona eren hesap d\u00f6nemine ait konsolide finansal tablolar\u0131n\u0131n ve ba\u011f\u0131ms\u0131z denet\u00e7i raporunun sentezini sunmaktad\u0131r.<\/p>\n<p>Grup, 2025 y\u0131l\u0131nda enflasyon d\u00fczeltmesi yap\u0131lm\u0131\u015f veriler \u0131\u015f\u0131\u011f\u0131nda <b>12,99 milyar TL<\/b> has\u0131lat ve <b>805,9 milyon TL<\/b> net d\u00f6nem kar\u0131 elde ederek finansal b\u00fcy\u00fcmesini s\u00fcrd\u00fcrm\u00fc\u015ft\u00fcr. Toplam varl\u0131klar bir \u00f6nceki y\u0131la g\u00f6re %22,9 oran\u0131nda artarak <b>18,84 milyar TL<\/b> seviyesine ula\u015fm\u0131\u015ft\u0131r. G\u00fcncel Ba\u011f\u0131ms\u0131z Denetim Dan\u0131\u015fmanl\u0131k A.\u015e. taraf\u0131ndan haz\u0131rlanan 17 \u015eubat 2026 tarihli denet\u00e7i raporu, konsolide finansal tablolar\u0131n TFRS&#8217;ye uygun olarak &#8220;t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunuldu\u011fu&#8221; y\u00f6n\u00fcnde <b>olumlu (\u015farts\u0131z) g\u00f6r\u00fc\u015f<\/b> bildirmi\u015ftir. Grup, transformat\u00f6r \u00fcretimi ve g\u00fcne\u015f paneli teknolojileri gibi stratejik alanlarda yat\u0131r\u0131mlar\u0131na devam ederken, enerji depolama ve ticareti alan\u0131nda yeni i\u015ftirakler kurarak dikey entegrasyonunu g\u00fc\u00e7lendirmi\u015ftir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>1. Finansal Performans Analizi<\/h2>\n<p>Grup&#8217;un 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131, y\u00fcksek enflasyonlu ekonomi ko\u015fullar\u0131nda (TMS 29) sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re d\u00fczeltilerek sunulmu\u015ftur.<\/p>\n<h3>1.1. Temel Finansal G\u00f6stergeler (Bin TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>Toplam Varl\u0131klar<\/td>\n<td>18.842.089<\/td>\n<td>15.330.751<\/td>\n<td>+22,9%<\/td>\n<\/tr>\n<tr>\n<td>Toplam \u00d6zkaynaklar<\/td>\n<td>11.446.561<\/td>\n<td>10.613.192<\/td>\n<td>+7,8%<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>12.999.679<\/td>\n<td>10.758.973<\/td>\n<td>+20,8%<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct Kar<\/td>\n<td>2.966.646<\/td>\n<td>2.675.181<\/td>\n<td>+10,9%<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet Kar\u0131<\/td>\n<td>2.054.402<\/td>\n<td>1.641.185<\/td>\n<td>+25,2%<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Kar\u0131<\/b><\/td>\n<td><b>805.910<\/b><\/td>\n<td><b>392.855<\/b><\/td>\n<td><b>+105,1%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Ana Ortakl\u0131k Paylar\u0131<\/td>\n<td>600.390<\/td>\n<td>292.035<\/td>\n<td>+105,6%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>1.2. Gelir ve Karl\u0131l\u0131k Yap\u0131s\u0131<\/h3>\n<ul>\n<li><b>Has\u0131lat Da\u011f\u0131l\u0131m\u0131:<\/b> Grup&#8217;un toplam 12,99 milyar TL&#8217;lik has\u0131lat\u0131n\u0131n yakla\u015f\u0131k 1,72 milyar TL&#8217;si yurt d\u0131\u015f\u0131 sat\u0131\u015flardan elde edilmi\u015ftir.<\/li>\n<li><b>Net Parasal Kay\u0131p:<\/b> Enflasyon d\u00fczeltmesi uygulamas\u0131 sonucunda kar veya zarar tablosuna 762,6 milyon TL tutar\u0131nda net parasal kay\u0131p yans\u0131t\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Bor\u00e7luluk Durumu:<\/b> Toplam finansal bor\u00e7lar 2,86 milyar TL seviyesindedir. Bu bor\u00e7lar\u0131n b\u00fcy\u00fck \u00e7o\u011funlu\u011fu (2,81 milyar TL) Avro cinsinden kredilerden olu\u015fmaktad\u0131r.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>2. Operasyonel Yap\u0131 ve Stratejik \u0130\u015ftirakler<\/h2>\n<p>Europower Enerji, elektrik sistemleri i\u00e7in \u00fcr\u00fcn tasar\u0131m\u0131, geli\u015ftirilmesi, \u00fcretimi ve m\u00fchendislik hizmetleri (EPC) alanlar\u0131nda faaliyet g\u00f6stermektedir. 31 Aral\u0131k 2025 itibar\u0131yla Grup b\u00fcnyesinde <b>1.535 personel<\/b> istihdam edilmektedir.<\/p>\n<h3>2.1. Konsolidasyona Tabi Ba\u011fl\u0131 Ortakl\u0131klar ve Faaliyet Alanlar\u0131<\/h3>\n<ul>\n<li><b>Peak PV Solar Teknolojileri A.\u015e. (%60):<\/b> G\u00fcne\u015f paneli \u00fcretimi ve yat\u0131r\u0131mlar\u0131.<\/li>\n<li><b>Europower World Enerji A.\u015e. (%100):<\/b> G\u00fc\u00e7 transformat\u00f6r\u00fc \u00fcretimi hedefiyle kurulmu\u015ftur. Fabrika yat\u0131r\u0131m\u0131 son safhadad\u0131r; makinelerin 2025&#8217;in ilk yar\u0131s\u0131nda devreye al\u0131nmas\u0131 planlanmaktad\u0131r.<\/li>\n<li><b>Euromek Elektrik Sanayi Taahh\u00fct A.\u015e. (%60):<\/b> Y\u00fcksek gerilim ak\u0131m ve gerilim transformat\u00f6r\u00fc ile kondenser bushing \u00fcretimi.<\/li>\n<li><b>Peakesco A.\u015e. (%60):<\/b> 21 Mart 2025&#8217;te elektrik enerjisi \u00fcretimi ve santral kurulumu amac\u0131yla kurulmu\u015ftur.<\/li>\n<li><b>Kozok A.\u015e. ve Madsoy A.\u015e. (%93):<\/b> Haziran 2025&#8217;te Peak PV ortakl\u0131\u011f\u0131yla tescil edilen bu \u015firketler, elektrik enerjisi ticareti ve depolama faaliyetleri i\u00e7in yap\u0131land\u0131r\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>2.2. Sermaye Yap\u0131s\u0131<\/h3>\n<p>\u015eirket&#8217;in 660 milyon TL tutar\u0131ndaki \u00f6denmi\u015f sermayesinin da\u011f\u0131l\u0131m\u0131 \u015f\u00f6yledir:<\/p>\n<ul>\n<li><b>Giri\u015fim Elektrik A.\u015e.:<\/b> %52,71<\/li>\n<li><b>Halka A\u00e7\u0131k K\u0131s\u0131m:<\/b> %30,25<\/li>\n<li><b>Muhittin Behi\u00e7 Harmanl\u0131:<\/b> %7,65<\/li>\n<li><b>Di\u011fer Ortaklar (Ali G\u00f6khan \u00d6zt\u00fcrk, Ramin Malek, Mesut Baz):<\/b> %9,39<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>3. Ba\u011f\u0131ms\u0131z Denetim ve Risk De\u011ferlendirmesi<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denetim s\u00fcrecinde finansal tablolar\u0131n g\u00fcvenilirli\u011fini etkileyebilecek iki ana husus &#8220;Kilit Denetim Konusu&#8221; olarak tan\u0131mlanm\u0131\u015ft\u0131r:<\/p>\n<h3>3.1. Has\u0131lat\u0131n Finansal Tablolara Kaydedilmesi<\/h3>\n<p>Has\u0131lat, Grup&#8217;un performans takibi a\u00e7\u0131s\u0131ndan en \u00f6nemli kriter olarak belirlenmi\u015ftir. Denetim s\u0131ras\u0131nda:<\/p>\n<ul>\n<li>Sat\u0131\u015f ve teslimat prosed\u00fcrleri analiz edilmi\u015f, TMS 15 standard\u0131na uygunluk test edilmi\u015ftir.<\/li>\n<li>\u00d6rneklem usul\u00fcyle se\u00e7ilen sat\u0131\u015flar\u0131n sevk ko\u015fullar\u0131, teslim belgeleri ve faturalar\u0131 kar\u015f\u0131la\u015ft\u0131r\u0131larak has\u0131lat\u0131n do\u011frulu\u011fu teyit edilmi\u015ftir.<\/li>\n<li><b>Sonu\u00e7:<\/b> Has\u0131lat\u0131n kaydedilmesi konusunda \u00f6nemli bir yanl\u0131\u015fl\u0131k veya hataya rastlanmam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>3.2. Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkullerin De\u011ferlemesi<\/h3>\n<p>Grup&#8217;un aktifinde 22,3 milyon TL de\u011ferinde yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkul bulunmaktad\u0131r.<\/p>\n<ul>\n<li>Bu varl\u0131klar &#8220;Emsal Kar\u015f\u0131la\u015ft\u0131rma&#8221;, &#8220;Gelir Y\u00f6ntemi&#8221; ve &#8220;Maliyet Y\u00f6ntemi&#8221; ile de\u011ferlenmektedir.<\/li>\n<li>Denet\u00e7i, de\u011ferleme raporlar\u0131n\u0131 incelemi\u015f ve varsay\u0131mlar\u0131n piyasa ko\u015fullar\u0131na uygunlu\u011funu do\u011frulam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>4. \u00d6nemli Finansal Dipnotlar ve Risk Y\u00f6netimi<\/h2>\n<ul>\n<li><b>\u0130li\u015fkili Taraf \u0130\u015flemleri:<\/b> Grup, ana orta\u011f\u0131 Giri\u015fim Elektrik A.\u015e. ile yo\u011fun ticari ili\u015fki i\u00e7erisindedir. 2025 y\u0131l\u0131nda Giri\u015fim Elektrik A.\u015e.&#8217;ye yap\u0131lan ticari mal sat\u0131\u015f\u0131 1,34 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Stok Y\u00f6netimi:<\/b> Stoklar, ham madde ve malzeme a\u011f\u0131rl\u0131kl\u0131 olup 4,2 milyar TL seviyesindedir. 39,4 milyon TL tutar\u0131nda stok de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc kar\u015f\u0131l\u0131\u011f\u0131 ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131mlar:<\/b> Maddi ve maddi olmayan duran varl\u0131k al\u0131mlar\u0131 i\u00e7in 2025 y\u0131l\u0131nda <b>1,88 milyar TL<\/b> nakit \u00e7\u0131k\u0131\u015f\u0131 ger\u00e7ekle\u015fmi\u015ftir. Bu durum, Grup&#8217;un \u00fcretim kapasitesini art\u0131rma stratejisini desteklemektedir.<\/li>\n<li><b>Dava Kar\u015f\u0131l\u0131klar\u0131:<\/b> Grup&#8217;un devam eden davalar\u0131 i\u00e7in 30,9 milyon TL tutar\u0131nda kar\u015f\u0131l\u0131k ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>K\u0131dem Tazminat\u0131:<\/b> Akt\u00fceryal varsay\u0131mlar (iskonto oran\u0131 %3,65) \u00e7er\u00e7evesinde 121,7 milyon TL k\u0131dem tazminat\u0131 kar\u015f\u0131l\u0131\u011f\u0131 hesaplanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>5. Muhasebe Politikalar\u0131 ve Gelecek Projeksiyonu<\/h2>\n<p>Grup, 31 Aral\u0131k 2025 itibar\u0131yla TMS 29 kapsam\u0131nda y\u00fcksek enflasyon muhasebesi uygulam\u0131\u015f ve kar\u015f\u0131la\u015ft\u0131rmal\u0131 d\u00f6nemleri ayn\u0131 sat\u0131n alma g\u00fcc\u00fc cinsinden sunmu\u015ftur.<\/p>\n<h3>5.1. Yeni Standartlara Uyum<\/h3>\n<ul>\n<li><b>TFRS 18 (Finansal Tablolarda Sunum ve A\u00e7\u0131klama):<\/b> 1 Ocak 2027&#8217;de y\u00fcr\u00fcrl\u00fc\u011fe girecek olan bu yeni standart i\u00e7in haz\u0131rl\u0131k ve etki de\u011ferlendirme s\u00fcreci ba\u015flat\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u0130\u015fletmenin S\u00fcreklili\u011fi:<\/b> Finansal tablolar, i\u015fletmenin s\u00fcreklili\u011fi ilkesine uygun olarak haz\u0131rlanm\u0131\u015f olup, Grup&#8217;un faaliyetlerini \u00f6ng\u00f6r\u00fclebilir gelecekte s\u00fcrd\u00fcrme kabiliyetine dair herhangi bir belirsizlik raporlanmam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>5.2. Gelecek Beklentileri<\/h3>\n<p>Europower World yat\u0131r\u0131m\u0131n\u0131n 2025 y\u0131l\u0131 i\u00e7erisinde \u00fcretime ba\u015flamas\u0131yla, Grup&#8217;un tedarik zinciri ve \u00fcretim portf\u00f6y\u00fcne g\u00fc\u00e7 transformat\u00f6rlerinin de dahil edilmesi, operasyonel verimlili\u011fi ve m\u00fcteahhitlik projelerindeki rekabet g\u00fcc\u00fcn\u00fc art\u0131racakt\u0131r.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Europower Enerji 2025 Y\u0131l\u0131nda B\u00fcy\u00fcmesini S\u00fcrd\u00fcrd\u00fc: Net Kar ve Yat\u0131r\u0131mlarda B\u00fcy\u00fck At\u0131l\u0131m!<br \/>\n\u00d6zet: Europower Enerji, 2025 y\u0131l\u0131 konsolide finansal sonu\u00e7lar\u0131n\u0131 a\u00e7\u0131klad\u0131. Y\u0131ll\u0131k has\u0131lat\u0131n\u0131 yakla\u015f\u0131k 13 milyar TL\u2019ye ta\u015f\u0131yan \u015firket, net d\u00f6nem kar\u0131n\u0131 bir \u00f6nceki y\u0131la g\u00f6re iki kat\u0131na \u00e7\u0131kararak 805,9 milyon TL\u2019ye ula\u015ft\u0131rd\u0131. Toplam varl\u0131klar\u0131n\u0131 18,8 milyar TL\u2019ye y\u00fckselten Europower, yeni devreye giren trafo fabrikas\u0131 yat\u0131r\u0131mlar\u0131 ve geni\u015fleyen i\u015ftirak yap\u0131s\u0131yla enerji ve otomasyon sekt\u00f6r\u00fcndeki liderli\u011fini peki\u015ftirmeye devam ediyor. \u0130\u015fte Europower Enerji&#8217;nin 2025 finansal karnesine dair t\u00fcm detaylar&#8230;<br \/>\nEtiketler: #EuropowerEnerji #FinansalRapor2025 #EnerjiSekt\u00f6r\u00fc #Borsa\u0130stanbul #Yat\u0131r\u0131m #EnerjiHaberleri<\/p>\n","protected":false},"author":3,"featured_media":971,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[262],"class_list":["post-1293","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-eupwr"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1293","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1293"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1293\/revisions"}],"predecessor-version":[{"id":1303,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1293\/revisions\/1303"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/971"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}